Las Vegas Sun

November 27, 2009

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Jobless rate hits all-time high

By Nicole Lucht (contact), In Business reporter

Fri, Jun 19, 2009 (3 a.m.)

Nevada’s unemployment rate hit 11.3 percent, an all-time high for the state since the Bureau of Labor Statistics began tracking the rate in January 1976, officials said.

The rate increased 6.6 percent since April, when it was 10.6 percent.

The highest recorded unemployment rate previously was 10.7 percent in December 1982.

The jobless rate has risen 85.2 percent since May 2008 when it was 6.1 percent.

Of the 154,600 unemployed people looking for work, 112,700 are in Clark County.

Las Vegas has been hit harder than the rest of the state: May’s jobless rate increased to 11.1 percent, up from 10.4 percent in April, a 6.7 percent monthly increase; a year ago, Las Vegas’ jobless rate was 5.7 percent and has jumped 94.7 percent since.

“There is some sentiment that the U.S. economy may be near the bottom of the recession,” said Bill Anderson, chief economist for the state’s Employment, Training and Rehabilitation Department. “Unfortunately, May brought with it news suggesting that economic conditions in Nevada remain extremely weak.

“Historically, employment is a lagging indicator of the economy’s health. Hence, when a recovery does take hold in Nevada, labor market conditions will likely not respond immediately. This recession has hit the state extremely hard.”

Between late 2007 and late 2008, employers with 500 or more workers shed 31,081 jobs in Nevada; medium-sized businesses lost 34,412 workers; and small businesses — those with fewer than 50 workers — shed 18,569 jobs.

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